OLD National Bancorp IN Acquires 1,326 Shares of GE Vernova Inc. $GEV

OLD National Bancorp IN increased its holdings in GE Vernova Inc. (NYSE:GEV) by 123.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,400 shares of the company’s stock after purchasing an additional 1,326 shares during the period. OLD National Bancorp IN’s holdings in GE Vernova were worth $2,095,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Louisiana State Employees Retirement System bought a new position in shares of GE Vernova in the first quarter worth about $11,959,000. Dagco Inc. acquired a new stake in GE Vernova during the first quarter valued at approximately $89,000. Silver Oak Securities Incorporated grew its position in GE Vernova by 19.4% during the 1st quarter. Silver Oak Securities Incorporated now owns 1,591 shares of the company’s stock worth $1,388,000 after acquiring an additional 259 shares during the last quarter. Fiduciary Alliance LLC grew its holdings in GE Vernova by 4.9% during the 1st quarter. Fiduciary Alliance LLC now owns 2,829 shares of the company’s stock worth $2,469,000 after acquiring an additional 133 shares during the last quarter. Finally, Kestra Private Wealth Services LLC increased its position in GE Vernova by 6.9% in the first quarter. Kestra Private Wealth Services LLC now owns 17,827 shares of the company’s stock worth $15,561,000 after purchasing an additional 1,146 shares during the period.

GE Vernova Stock Performance

Shares of GEV opened at $1,045.74 on Friday. The stock has a market capitalization of $281.01 billion, a P/E ratio of 30.46, a price-to-earnings-growth ratio of 3.87 and a beta of 1.23. The firm’s fifty day simple moving average is $1,031.16 and its two-hundred day simple moving average is $863.97. The company has a current ratio of 0.89, a quick ratio of 0.65 and a debt-to-equity ratio of 0.19. GE Vernova Inc. has a 12 month low of $482.20 and a 12 month high of $1,181.95.

GE Vernova (NYSE:GEV) last issued its quarterly earnings results on Wednesday, April 22nd. The company reported $17.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.95 by $15.49. The firm had revenue of $9.34 billion for the quarter, compared to analyst estimates of $9.19 billion. GE Vernova had a return on equity of 43.97% and a net margin of 23.81%.The company’s revenue was up 17.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.91 earnings per share. As a group, analysts predict that GE Vernova Inc. will post 14.99 EPS for the current year.

GE Vernova Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 14th. Investors of record on Tuesday, June 16th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Tuesday, June 16th. GE Vernova’s payout ratio is presently 5.83%.

Insider Buying and Selling at GE Vernova

In other GE Vernova news, CEO Victor Abate sold 4,819 shares of the firm’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $948.08, for a total value of $4,568,797.52. Following the completion of the sale, the chief executive officer directly owned 1,835 shares in the company, valued at approximately $1,739,726.80. This trade represents a 72.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Matthew Joseph Potvin sold 2,333 shares of GE Vernova stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $1,059.09, for a total transaction of $2,470,856.97. Following the completion of the sale, the chief accounting officer directly owned 3,549 shares of the company’s stock, valued at approximately $3,758,710.41. This trade represents a 39.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.21% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on GEV. Erste Group Bank raised shares of GE Vernova to a “strong-buy” rating in a research note on Tuesday, March 24th. Wall Street Zen cut GE Vernova from a “buy” rating to a “hold” rating in a research report on Saturday. Oppenheimer set a $1,303.00 target price on GE Vernova in a research report on Thursday, April 23rd. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $1,328.00 price objective on shares of GE Vernova in a report on Friday, April 24th. Finally, Susquehanna set a $1,300.00 price objective on shares of GE Vernova in a research report on Thursday, April 23rd. Three investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, GE Vernova currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,089.88.

About GE Vernova

GE Vernova is the energy-focused company formed from the energy businesses of General Electric and operates as a publicly listed entity on the NYSE under the ticker GEV. It is organized to design, manufacture and service equipment and systems used across the power generation and energy transition value chain, bringing together legacy capabilities in conventional power, renewables and grid technologies under a single corporate platform.

The company’s offerings span large-scale power-generation equipment such as gas and steam turbines and associated generators and controls, as well as renewable energy technologies including onshore and offshore wind platforms and hydro solutions.